Recently, Bitcoin prices have been on a roller coaster again, with the spot and perpetual contract markets playing two different acts. Traders are each doing their own thing, the rhythm is chaotic, and hidden risks are hard to conceal.

From the spot market perspective, historical patterns are repeating. Whenever BTC drops, bullish traders first place aggressive buy orders, followed by bears testing the waters. This pattern often signals an imminent surge. It has played out three times before, with profits pouring in.

But this time is a bit different. The bid-ask spread is narrowing, and sell orders are quietly gaining the upper hand. Although large funds in the spot market are still accumulating coins—over $113 million has been absorbed in the past two days, and more than $4.1 billion in December alone—the enthusiasm for bullishness is clearly cooling. Bears are sharpening their knives, and this is a signal.

In the perpetual contract market, the scene is completely reversed. It’s essentially a bullish celebration. Buy volume is sweeping away sell orders, with trading volume surging 151%, reaching a total of $53.2 billion. Funding rates remain steady at a positive 0.0077%, with bulls standing firm.

Bears are having an even worse day. Yesterday alone, $40.56 million was liquidated, while longs only lost $2.47 million, roughly a 16:1 ratio. Those forced out of their positions are probably still pacing in the corners.

The spot market is a bit shaky, but the perpetual market is full of confidence—if both move in sync, the bull market will continue to party; if the spot falters, bears will be the last to laugh. The crypto world never lacks drama, and now it’s up to whether the bulls dare to keep pushing forward.